You are here

European banks post 25b euros of profit in tax havens: report

Oxfam report shows subsidiaries in low-tax jurisdictions are twice as profitable as elsewhere

Tue, Mar 28, 2017 - 5:50 AM

Deutsche Bank AG, Germany’s largest bank, reported a loss in its home country and profits of 1.9 billion euros in tax havens.

PHOTO: BLOOMBERG

London

EUROPE'S largest banks routed 25 billion euros (S$38 billion) through tax havens in 2015, about a quarter of their profit, amid an international crackdown on corporate tax avoidance, according to a report by Oxfam International.